Korea's economy maintains solid recovery on exports: finance ministry

Korea's economy is experiencing a solid recovery, bolstered by robust exports and improving domestic consumption, according to the finance ministry's monthly report. The ministry highlighted that uncertainties stemming from the Middle East war and inflation concerns continue to pose challenges. Recently, the Korean economy has maintained a strong recovery due to a significant surge in exports, sound investment, and a gradual recovery in domestic consumption, the report stated.

In September, Korea's exports surged by 83.5 percent to a record $120.9 billion from the previous year, mainly propelled by a spike in chip shipments. For the first time, semiconductor exports reached over $60 billion last month, contributing to the overall export growth. During the second quarter, facility investment increased by 6.3 percent compared to the same period last year.

Private spending also rose by 2.4 percent in the second quarter compared to the previous year, the ministry reported. However, the ministry pointed out that consumer prices and employment remain key areas of concern for the economy. The ministry noted that there is a growing level of uncertainty due to the Middle East conflict, with rising oil prices adding to the economic pressures.